Tips for Turning your Jewelry into Cash
Many people are familiar with the process of turning their cash into jewelry: engagement rings, wedding bands, anniversary gifts and other occasions come to mind. But how many people are familiar with the process of turning jewelry into cash?
If you had your hand raised for the first part, chances are you put your hand down for the second. That’s because many people take a “hunter-gatherer” approach to their jewelry: saving up for the winter, they gather as much jewelry as possible without thinking about how to use it, and consequently their jewelry ends up piling up, much of it unused. For such valuable individual articles and possessions, it seems a poor way to treat one’s materials.
Thankfully, there are ways you can use your unwanted or broken jewelry and turn it back into cash, kind of like trading your jewelry back in. While you can’t be assured you’ll necessarily get the original value you paid for your jewelry, you can be assured you’ll probably get a fair priece if you simply follow these comprehensive tips for turning your jewelry into cash.
Tip #1: Know what you’re selling, and know how to sell it.
For many people, selling jewelry is a matter of simply going to the jeweler who they acquired their articles from in the first place. Their one-stop shop for jewelry is the local jeweler, but this might not be the beset way to approach things. Why? Because there are multiple sources to consider.
First, you have to know what you’re selling. This means having an idea of the possible uses and re-uses for your old or broken jewelry.
For example, if you have a watch that needs repair, yet don’t have the money on hand to have it repaired right this instant, can you still get cash from it? This article will cover that topic later.
Gather your jewelry together and simply get an “opinion” from your jeweler at first - you don’t want to build your treasure trove into a pile and simply dump them in front of the jeweler. Your valuables mean more than that: they can be viewed as individual articles, and need to be treated as such.
How do you know what you’re selling? For simplicity’s sake, divide the jewelry you want to sell into two categories: jewelry you can re-sell as an actual piece of jewelry, or broken/unwanted jewelry that can be sold for the scrap metal (i.e., a piece that is chiefly gold, silver, or platinum) it contains.
Tip #2: Know who you’re selling them to.
As recommended above, don’t limit yourself to just a jeweler, though it may help to consult a jeweler some step along the way. There’s another option to consider; selling your unwated jewelry for scrap metal to an online metal broker.
Believe it or not, these online metal brokers can be just as trustworthy as your local jeweler. Just because you’re working with someone online doesn’t mean you can’t have a secure transaction. Do some research - take the jewelry you want to re-sell or repair to your jeweler, but locate a solid online broker for the jewelry you can sell as scrap material.
Be sure you find a reputable online broker first. A company like JewelryPaq would be a good company to go with - they offer secured mailing and will even beat competitors’ prices. Feel free to search around for testimonials in your search for online brokers as well.
Tip #3: Know what you’re getting.
If you re-sell a piece of jewelry, it’s prudent not to expect total value, as in the same value you paid for the piece of jewelry. You might have to put some money into repair and polishing before you can come back to the original value range.
But if you’re selling jewelry for precious metals, then expect to get a price based on the metals themselves, not the piece of jewelry. This may seem low at first, but remember that you’re often selling an old or broken piece of jewelry that has seen its value as an individual article vastly decline. In this way, selling jewelry to an online broker can be very beneficial.
Manage your expectations, and know that if you’re working with a company like JewelryPaq - which offers to beat its competitors’ prices - then you’re getting a fair price for your gold, silver, and platinum.
Keep these tips in mind as you consider how to turn your jewelry into cash and soon you’ll be “plucking” some unexpected treasures out of your jewelry box. By all means, keep the jewelry that’s still important to you, but if you find yourself looking in the cabinet and finding an article that just hasn’t had a use in years, consider turning it into cash.
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